10 Biggest Gainers of Last Week

7. Lucid Group Inc. (NASDAQ:LCID)

Shares of Lucid Group on Friday ended at $3.02 apiece, marking a 16.6-percent increase from the $2.59 registered on Monday following reports of a 13.6-percent surge in sales for electric vehicles across the US.

According to Cox Automotive, a total of 116,000 EV units were sold in November, marking a 10-percent increase from the previous month.

It is also worth noting that EV’s share of the overall US auto market was already at 8.5 percent. Lucid, a competitor to Tesla, began taking orders for its new Gravity SUV on November 7.

Despite a significant decline in Lucid’s share price since its initial public offering, analysts remained optimistic about the company’s potential for a rebound, with orders and deliveries over the next few years seen as key indicators of growth.

Furthermore, the backing of Saudi Arabia’s Public Investment Fund, which recently invested an additional $1.5 billion, adds confidence to the company’s prospects.